What 3 Trends Are Driving Q4 in the Drone Industry?
Each week, Drones in America will introduce listeners to guests who are leaders, influencers and experts from various areas to talk about America’s drone industry.
Topics discussed will include the history of drones, new technology, policy and the rapidly-growing commercial market.
Benowitz looked back on the year and said that the COVID-19 situation has helped the drone industry jump two to three years ahead. Social distancing and delivery are two needs that have helped shift the public perception of drones. Now, looking at the last quarter of 2020 and the beginning of 2021, what trends will define the industry?
3 Trends Driving the Drone Industry Right Now:
- Increased Hardware Competition Signals Market Shift
- Rising Global Tensions and Move Toward Dual-Use
- Improving Autonomy and Shifting Regulations
Analysts across industries predict that October will bring its fair share of challenges due the 2020 election being a month away, but Benowitz said both Joe Biden and President Trump have UAV-friendly economic plans. Both candidates propose plans that would keep the decision-making of the industry at a federal level and would maintain the “buy American” course that we have seen over the past year.
A new report issued by the FAA details how the growth in the industry has shifted from consumer level to the commercial level. The past year has brought an unexpected slow down of growth from the consumer market, and Benowitz said “monopolistic” markets are unhealthy due to a lack of competition to push the needle. The consumer drone industry has been dominated by one company but, with global tensions threatening and lingering COVID side effects, we are seeing more uncertainty among consumers wanting to invest in new equipment or jumping in for the first time.
Benowitz is currently working on the 2020 Drone Market Survey, if you would like to participate or want a copy, you can click here.